Bank chickens out on Mnangagwa ally

Bank chickens out on Mnangagwa ally
Published: 28 November 2017
CHEGUTU West legislator and businessman Mr Dexter Nduna has dispelled press reports that he is bankrupt, arguing that a newspaper article stating otherwise was calculated to "sully" his person and standing.

Last week, reports suggested that the High Court had declared Mr Nduna and his wife, Schalastica, bankrupt for failing to pay a $231 000 debt to Standard Chartered bank.

However, it has emerged that the legislator has since repaid the debt, which effectively sets

aside the ruling.

Standard Chartered Bank CEO Mr Ralph Watunga said the debt was almost done.

''We are in the process with Mr Nduna, and we are almost done,'' he said when contacted for comment yesterday.

Mr Nduna contends that there was need for reporters to check their facts with him or the bank to establish the veracity of the claim.

"Let me set the record straight. Standard Chartered Bank has since been repaid the debt in full,

in two tranches of US$60 000 and US$248 000.

This, in essence, implies that the allegations of bankruptcy which, by the reporter's own admission,

I have repeatedly refuted at the Courts instantly falls away and become a non-event," said Mr Nduna.

"I will not hazard to school the reporter on how to do his or her work. However, he or she can easily get confirmation of the veracity of what I am saying by simply taking a few minutes to verify with the bank as should have happened before going to print."

He said there was need to be sensitive when reporting issue that affect people's livelihood and standing in society.

"I have no problems with the media reporting negatively on my persona but what riles me, in this instance, is the clear violation of the basics of journalistic ethics and the factual inaccuracies in the story. Such flagrant disregard of the basic principles of balanced reporting, particularly on such sensitive issues which have a huge bearing on my person and reputation, are both inexcusable and unwarranted," he said.

The story carried by the Business Weekly of November 24 was based on a High Court judgment, which declared Nduna and his wife Schalastica bankrupt for failing to repay a $231 000 debt owed to Standard Chartered Bank.

It quoted a High Court ruling by Justice David Mangota, where he said the two failed to satisfy the judgment debt provisionally granted in 2011.

The final order was issued in September 2015.

According to the paper, court papers showed that after Nduna and his wife failed to comply with the court's settlement, a provisional sentence was issued in which the couple was found to be technically insolvent, meaning no property could be used to service the debt.

Following the final order, the bank levied execution of the judgment through the Deputy Sheriff who failed to find assets belonging to the two.

Standard Chartered later filed an application seeking Nduna to be declared insolvent.

It moved the court to provisionally sequestrate the couple's estate.

However, the duo opposed the application, arguing they were not devoid of means to satisfy the judgment of debt.

They averred that they were into commercial cattle ranching and therefore could dispose of some of their animals to partly repay the debt.

MP Nduna insisted he was not insolvent, claiming he had a vehicle, valued at $40 000.

He further claimed he enjoyed a monthly salary, which he requested Standard Chartered to garnish.

He also stated that he earned allowances from a Parliamentary Portfolio Committee, which he chairs.

Mr Nduna also averred that the house he used for security was valued at $120 000.

From their farming business, Nduna claimed he realised between $50 000 and $70 000 per month.
- zimpapers
Tags: Bank, Nduna,


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